Byrne; proposals on PROJECT BANK ACCOUNTS for large public contracts welcomed!

West-Tyrone SDLP MLA Joe Byrne, a member of the All-Party Assembly Construction Industry Group has welcomed proposals from Sammy Wilson Minister for Finance, to introduce Project Bank Accounts.

Mr Byrne said “Project Bank Accounts should protect both main contractors and smaller sub-contractors in getting paid more promptly during the construction of large capital projects”.

“Too many construction companies, particularly smaller subcontractors have faced bankruptcy in recent times, very often on large public build contracts. The new Project Bank Accounts are earmarked for all public sector contracts worth over one million pounds. In the assembly Sammy Wilson stated last week that this scheme should start at the end of January 2013.”

“Representatives of the Construction Industry have lobbied for this development for a number of years now and the Assembly all-party groups on construction have lobbied hard on the Executive. Project Contracts should help contractors, construction workers and builder suppliers, and ensure prompter payment for goods and services.”